Related provisions for MCOB 8.5A.14
61 - 70 of 70 items.
Arranging a regulated mortgage contract (or contract variation) to which the arranger is to be a party is excluded from both article 25A(1) and (2) by article 28A of the Regulated Activities Order (Arranging contracts to which the arranger is a party). As a result, a person cannot both be entering into a regulated mortgage contract and arranging a regulated mortgage contract under article 25A as regards a particular regulated mortgage contract. This means that a direct sale by
Table: This table belongs to MCOB 13.1.1 R
(1) Category of firm |
(2) Applicable section |
mortgage lender, and a firm that was a mortgage lender before the sale of a repossessed property |
MCOB 13.1-MCOB 13.3, except for MCOB 13.3.9 R to MCOB 13.3.11 G1 1 |
mortgage administrator, and a firm that was a mortgage administrator before the sale of a repossessed property |
|
1home purchase provider, and a firm that was a home purchase provider before the sale of a repossessed property |
As for a mortgage lender |
1home purchase administrator, and a firm that was a home purchase administrator before the sale of a repossessed property |
As for a mortgage lender, plus: MCOB 13.6 and MCOB 13.8; and MCOB 13.4 and MCOB 13.5 in accordance with MCOB 13.8 |
3Firms should substitute equivalent home reversion terminology for lifetime mortgage terminology, where appropriate. Examples of terms and expressions that should be replaced in relation to home reversion plans are 'loan' or 'amount borrowed', which should be replaced with 'amount released' or 'amount to be released', as appropriate, and 'mortgage lender' and 'mortgage intermediary' which should be replaced with 'reversion provider' and 'reversion intermediary'.
In the FCA's view, in circumstances other than those excluded by article 72(5D) of the Regulated Activities Order, an overseas lender is likely to carry on the regulated activity of entering into regulated mortgage contracts in the United Kingdom. This is because of:(1) the territorial limitation in the definition of regulated mortgage contract so that regulation applies only if the land is in the United Kingdom;(2) the general principle and practice that contracts relating to
This section2 applies to a firm9 which is a home finance provider3 or a firm with permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements,8 or which is,9 in respect of sales to a retail client5 or a consumer5:9355(1) an insurer; or(1A) the manager of an authorised AIF or a UCITS scheme; or9(2) the operator of an investment trust savings scheme , or a personal pension scheme4; or 94(3) a person who
The required additional information in MCOB 8.6A.4R (2) is:(1) for a lifetime mortgage other than one falling within MCOB 8.6A.5 R:(a) the name of the mortgage lender;(b) the rate of interest;(c) the interest rate type;(d) the price or value of the property on which the lifetime mortgage would be secured (estimated where necessary); and(e) the sum the customer wishes to borrow under it, either immediately or in the future (including the amount of any lump sum, any regular drawdown
In accordance with article 61(3)(a) of the Regulated Activities Order, a regulated mortgage contract is a contract which, at the time it is entered into, satisfies the following conditions:(1) the contract is one where the lender provides credit to an individual or trustees (the "borrower");(2) the obligation of the borrower to repay is secured by a first legal charge on land (other than timeshare accommodation) in the United Kingdom; and(3) at least 40% of that land is used,
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